U.S. Dow fails to recover from prior massive drop

Washington [US], September 15: The Dow Jones Industrial average on Wednesday failed to recover from a massive nosedive the previous day.
Wednesday's Dow stood at 31,135 at the close of trading - a negligible 0.10 percent increase from the previous day.
That's after Tuesday's biggest one-day plunge since June 2020, on news that record inflation is not fading as fast as investors would like.
The Nasdaq saw an uptick of 0.74 percent - a slight gain, considering Tuesday's massive drop, in which the index lost over 800 points.
Boeing, one of the biggest market cap stocks on the exchange, inched upward 1.32 percent on Wednesday, after falling the previous day.
Johnson & Johnson rebounded from Tuesday's losses, at 2.06 percent, by the close of trading Wednesday.
Caterpillar continued to move downward, at 0.18 percent by the close of trading, after the stock dropped the previous day.
Shares of Walmart continued to inch downward, by 0.22 percent, after taking a gut punch on Tuesday.
Do-it-yourself-home improvement chain Home Depot continued to dive Wednesday, and the stock has seen a nearly 7 percent drop in price over the last five days.
Tuesday saw the rate of inflation come in at a still roaring 8.3 percent, according to the Bureau of Labor Statistics. That dashed hopes on Wall Street that inflation would fade more quickly.
The U.S. Federal Reserve has desperately tried to get the worst inflation in four decades under control with a series of interest rate hikes, but to no avail.
That means the Fed will continue to raise interest rates, which risks triggering a recession.
That could be bad news for Democrats, as November's midterm elections are just around the corner. With U.S. president's approval rating standing near record lows, high inflation will not help Democrats.
Source: Xinhua